Multimillion pound payments at Credit Suisse will escape bonus tax

A group of senior executives at Credit Suisse in London will receive multimillion-pound payouts next month in a move that will lessen the blow of the UK bonus tax.

The group is understood to include James Leigh-Pemberton, head of Credit Suisse in the UK and one of the Government’s key advisers on the banking bailout, as well as other senior figures. The payments are part of a five-year incentive programme that Credit Suisse put in place to retain senior staff when it was struggling in 2004 and 2005. In total, Credit Suisse may hand out stock worth about £1 billion, divided between 300 bankers around the world. The average payment may be about £3 million but the sums will vary wildly. Brady Dougan, Credit Suisse’s…

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